Insurance Basics: Business Insurance
Today’s world moves so quickly and we need all the help we can get! Trying to lose weight, maybe you need a diet or health coach? Working on accelerating business results… maybe you need a business coach?
But, what about a Cyber Breach Coach?!?!? Well, that’s a new one, but it might be even more valuable than all the others put together if you are the victim of a cyber event. October is Cyber Security Awareness month, so there is no time like the present to learn.
Until recently, most of the information and articles you may have seen, refer to large U.S. Corporations, however, cyber-attacks, hacking and social engineering fraud is also rampant in Canada. According to an IBC commissioned Leger survey, 44% of SMEs do not have any sort of defense against possible cyberattacks and 60% have no insurance to protect them in the event of an attack.
The protection that Cyber liability insurance can provide if you become the victim of a Cyber event is invaluable, but some policies also come with post-breach services. So to explain, if you are insured for an event that occurs, and you incur costs that are covered under your cyber liability policy, an insurance company would reimburse you for those costs. That is important protection, but for a small to medium-sized business, could the true value be in the post-breach services some of these policies provide?
If you were the unfortunate victim of a cyber event, would you know:
- How to identify the cause of the breach?
- How to stop the breach from continuing and identify what information has been breached?
- What you should do immediately to minimize the damage from this event?
- What your client and authority notification obligations are under the legislation in Canada?
- What other legislation applies if you sell in other countries?
- Your obligations to your suppliers while your business is inoperable due to this cyber event?
- What is Cyber extortion – someone has locked me out of my own data… should I pay the ransom, negotiate or try to hack-the-hack?
- What is reputational damage, has it happened to you and what should you do about it?
These and many other un-thought-of questions are where a cyber breach coach would come in helpful. Wouldn’t it be helpful, if when a cyber event that could lead to an insurance claim happens, you call a 24/7/365 line to get direction and help from your Coach? They are experts with the resources and knowledge to deal with these types of events. They may even save you 25-50% in remediation expenses because of the preferred vendors they have on call to deal with situations like this.
To run your small to medium-sized business you already wear many hats! Do you have the knowledge and expertise to deal with this too, or should you check if your Cyber insurance policy includes the services of a Cyber Breach Coach? Not sure? Call your Rhodes & Williams, your insurance cyber liability expert for help.
Oct 3, 2019 Cyber Breach Coach
Today’s world moves so quickly and we need all the help we can get! Trying to lose weight, maybe you need a diet or health coach? Working on accelerating business results… maybe you need a business coach? But, what about a Cyber Breach Coach?Read More
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